Divorce of a Shareholder Sample Clauses

Divorce of a Shareholder. Section 7;
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Divorce of a Shareholder. It would not be unusual for a spouse to end up with one half the business interest of a closely-held business, in event of a divorce. There should be a provision in the buy-sell to have such spouse forced to sell stock back to either the: (a) corporation; (b) original shareholder; or (c) other shareholders. Again, the price cannot be higher than the death price.
Sample 1
Divorce of a Shareholder. If a Shareholder is divorced/divorcing (“Divorcing Shareholder”) and the Shareholder’s (ex-)spouse makes any claim at any time against the Corporation or against that Shareholder’s Shares, or causes the Corporation to incur any expense as a result of the divorce, including but not limited to valuation of that Shareholder’s Shares, then the Divorcing Shareholder shall fully reimburse and indemnify the Corporation and the other Shareholders for any costs incurred or payments made to the (ex-)spouse, including but not limited to payouts to the (ex-)spouse and accounting and legal fees. The Corporation shall also have the right to buyback the Divorcing Shareholder’s Shares at fair market value less all Corporation and Shareholder indemnification amounts specified herein. If under any circumstance, any Shares of the Divorcing Shareholder are to be transferred to the (ex-)spouse for any reason, then those Shares are automatically deemed to lose all voting rights and shall only entitle the (ex-)spouse to receive profits and losses, with the Divorcing Shareholder also losing all management and voting rights.
Sample 1
Divorce of a Shareholder. The rights and obligations of the parties hereunder, shall be binding upon and superior to any property agreement entered into by any presently married Shareholder, whether said property agreement is a part of a divorce proceeding or otherwise. In the event of the divorce of a Shareholder, the Shareholder shall use his or her best efforts to cause any property settlement agreement, or similar document having the same effect, to provide that all the shares of Stock owned by the Shareholder shall be retained by the Shareholder. If a property settlement agreement or similar document having the same effect cannot be obtained, then the Shareholder involved in the divorce proceeding shall use his or her best efforts to petition the Court in which such proceeding is pending to order that all the shares of Stock owned by the Shareholder shall be retained by the Shareholder.
Sample 1

Related to Divorce of a Shareholder

  • Warrantholder not a Shareholder Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

  • SHAREHOLDER COMMUNICATIONS ELECTION SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs the Fund to indicate whether it authorizes the Custodian to provide the Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If the Fund tells the Custodian “no”, the Custodian will not provide this information to requesting companies. If the Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below. YES ¨ The Custodian is authorized to release the Fund’s name, address, and share positions. NO x The Custodian is not authorized to release the Fund’s name, address, and share positions.

  • Rights of a Stockholder Prior to the time a Restricted Share is fully vested hereunder, the Employee shall have no right to transfer, pledge, hypothecate or otherwise encumber such Restricted Share. During such period, the Employee shall have all other rights of a stockholder, including, but not limited to, the right to vote and to receive dividends (subject to Section 2(a) hereof) at the time paid on such Restricted Shares.

  • Rights of a Shareholder Employee shall have no rights as a shareholder with respect to any shares covered by this Agreement until the date of issuance of a stock certificate to him for such shares. Except as otherwise provided herein, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

  • No Rights of a Shareholder The Participant shall not have any rights as a shareholder of the Company until the Shares in question have been registered in the Company’s register of shareholders.

  • No Rights of a Stockholder The Participant shall not have any of the rights of a stockholder with respect to the Shares subject to the Restricted Stock Units until such Shares have been issued.

  • WARRANT HOLDER NOT DEEMED A SHAREHOLDER Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

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